Fulex is in the business of developing fuel efficiency solutions for the Genset manufacturers. This involves carrying out R&D on the technological and commercial feasibility of the products and, once the feasibility is demonstrated, developing and manufacturing these products. The Company is in a high growth phase with a need for maintaining high level of working capital to sustain the growth, in addition to capital requirement to fund expansion. The objective of the budget exercise was (a) to develop 5 / 10 year plans, Annual Operating Plan or Annual Budgets with monthly / quarterly break-ups at a departmental and segment level (b) Determine sales targets to the sales team, broken by products, geographies, customer segments etc. (c) Determine P&L position and cash/working capital requirements at various levels of sales (d) Determine the amount of capital to be infused to support ongoing operations and expansion plans (e) Planning for manpower needs (f) Expense control, by allotting expense budgets to departments (g) Determining profitability by product, geography, customer segments etc (h) Exploring feasibility of expansion plans with metrics such ROI and IRR (i) Scenario analysis, Sensitivity analysis and “what-if” analysis through modification of the assumptions.

Challenges for MyCFO

Budgeting at Pharmax was a simple ‘spread sheeting’ exercise restricted only to collation of data inputs received from various departments. The variance between budgets and actuals for instance in financial year 13-14 was more than 80%. The variances were reported every month to the HOD’s and the management on a month on month basis for their review and comments.

MyCFO Approach

(a) Arriving at a meeting point between the “top-down” and “bottom-up” approaches (b) Maintaining a balance between “trend-based” and “zero-base” approach (c) Managing iterations and version control (d) Consolidation of inputs received from diverse sources (e) Seeking consensus and “buy-in” across the organization on a common set of goals (f) Changes in assumptions after freezing the budgets (this was handled through quarterly rolling forecasts)

How the client benefitted

The exercise helped the company to formulate its 5 and 10 year plans along with the annual operating plan, department and segment sales and expense targets were formalized, key ratios and trends were fixed and tracked, this allowed the company to benchmark key metrics against industry parameters and allowed the Board and the Management to track actuals on a periodic basis against the budgets.

Nevil Darukhanawala

SEO/SMM Expert, SEO Expert India Limited

Deepak and his team did a fantastic job and turning
"concept" into a strategic business plan and scalable
“Overall, there's been a steady improvement in the quality
of service as the engagement has progressed. Certain
revenue models. I would highly recommend MyCFO.

Himani Kapadia

CEO, India, Vizualize Technologies Limited (Lbi)

Overall, there's been a steady improvement in the quality
of service as the engagement has progressed. Certain areas which were a pain point (teething problems), now
seem to be getting streamlined. What I am particularly
pleased about is the willingness to identify problems and
then take ownership to resolve them.

Shri Manojbhai Ruparel

Managing Director, Geecy Engineering

It has been a pleasure working with MyCFO. The team understands the nuances of working in a Family environment, while bringing very professional approach to the table. We are delighted that MyCFO could forge an international collaboration for us with one of the global leaders in our field. We would highly recommend MyCFO’services to other Family Managed Businesses that are ambitious for growth.

Kedar Vaze

Director, S.H. Kelkar Group

MyCFO played an active part in managing my Finance function, during a time that was marked with high degree of change and uncertainty. SHKelkar group, embarked on resolution of a family dispute, acquisition of an European subsidiary, invited investment from a Private Equity Fund, implemented a new ERP system and brought in a new management team, all in a span of 3 years. MyCFO’s strength is their ability to morph and change their roles depending on the need of the Company and Promoter, from time to time. While placing on record my appreciation for their support, I am happy to recommend their services to other mid-sized companies that need a professional but a trusted advisor to assist their growth plans.

Sunil Chari

Director, Rossari Biotech

Rossari Biotech is a leading manufacturer of textile chemicals with approx INR 200Cr in annual revenue. MyCFO assisted us in 2011 with our Business Valuation, the development of a Business Plan, in decision- making on investing capital in new ventures and in the review of our Finance and IT operations. MyCFO involvement helped me and my co-promoter, along with our senior management team, to think through our business strategy for the next 2-3 years. Their approach is practical, hands on, and very detail oriented. They have the ability to simplify and explain clearly the alternate options or 'trade- offs' that a business is often faced with. Another important value addition was the benchmarking MyCFO did with other companies in the textile chemicals sector, which helped us in deciding on the right KPIs to set for our performance. I would not hesitate to recommend MyCFO to growing businesses that are looking for professional help in Finance and IT, to scale up their growth and Business Valuations.

Ravi Krishnan

Co – Founder and CEO, Stepathlon Lifestyle India Private Limited

As a startup, SLPL, requires support that is process driven, proactive, dynamic and commercial. My CFO, and their team, tick all those boxes and more. They get the job done on time, every time, and most importantly have fit in culturally with our organization. As a Promoter, and Entrepreneur, I have found the my CFO senior management exceptional allies on the path to achieving our business objectives. Engaging my CFO is one of the best decisions we have made.

Kevin Steingart

President and CEO, NMC Wollard

Our company is looking to establish a manufacturing presence in India. Having initially worked through the U.S. Commerce Department and after visiting India it became apparent that we needed local Indian expertise to help navigate the tax, legal, and cultural peculiarities of the country. The people at MyCFO have been a tremendous resource in advising us on tax issues and legal entity structures. With their assistance we are now negotiating a joint venture with a local company. In addition to their business and local knowledge, MyCFO helps to facilitate communication with our JV partner, which was a source of frustration. With MyCFO’s assistance communication stays on point with a clear and concise style”

Rajesh Devlekar

Director, Bag Your Template

MyCFO provided assistance to my company Bag Your Template in evaluating a franchising model for its business expansion. MyCFO is a down to earth, practical and approachable organisation that I, as a Promoter, feel comfortable dealing with. They are quick to respond and understand my requirements, Vision and challenges. As a first generation entrepreneur who was starting on a new journey in the world of business, their experience of having managed commercial and business issues in the past, is invaluable. MyCFO is a trusted partner to Bag Your Template. I would recommend them for all growing businesses

Hitesh Windlas

Director, Windlas Healthcare

I congratulated and thanked Nikita for her work on the Sales Budget and the Compliance tracker already. I must recognise your intense effort in putting together a very clean, accurate and high confidence summary of the complete financials for WHC and WBL. Given where we started from, this is an extraordinary achievement. I really appreciate that you have been able to complete these on time for our meeting.
Many thanks for the many long nights and all the good work!

Hrishikesh Mafatlal

Chairman, Arvind Mafatlal Group

I feel a sense of gratitude for the quality of work and the attitude with which the contract was executed over the last 1 year. The MyCFO team was fully committed in successfully achieving the goals laid down.
The team members were hands-on points-person and quickly understood the prevailing culture and mood existing in our office at the time of MyCFO’s arrival on the scene, and handled the challenges maturely. They assumed an ‘ownership’ mindset and with great enthusiasm went about the set task. The ‘behind-the-scene’ support by the leadership team of MyCFO was also invaluable.
I wish MyCFO ever increasing success in their future endeavours.